Metaplanet Trades Below 1x mNAV for First Time Since Starting Bitcoin Treasury Plan
Metaplanet’s stock fell 12% to ¥482, pushing its valuation below 1x modified net asset value (mNAV) for the first time since adopting a bitcoin treasury strategy in 2024. The decline brings the company’s shares to 0.99x mNAV, signaling a rare discount relative to the worth of its underlying assets.
This shift places Metaplanet among a select group of digital-asset treasury (DAT) firms now trading at or below the value of their on-balance-sheet crypto holdings. The move suggests investor caution despite bitcoin’s longer-term appeal, highlighting how market volatility and sentiment swings continue to influence equity valuations tied to crypto exposure.
Market moves and implied valuation
Metaplanet (TSE: 3350) closed at ¥482 on Tuesday, down 12% on the day. Using the firm’s disclosed methodology which incorporates total debt into enterprise value—its mNAV reads 0.99x, meaning the market is slightly discounting the value of its bitcoin treasury and operating assets. The company lists aggregate outstanding debt of ~$24.68 million in its mNAV calculation. CoinDesk
Metaplanet trades below 1x mNAV: holdings snapshot
Following purchases disclosed in early October, Metaplanet’s bitcoin balance stands at 30,823 BTC (roughly $3.3–$3.5 billion at recent prices). That follows an additional ~5,268–5,288 BTC acquired around Oct. 1.
Diverging premiums across bitcoin treasuries
While discounts are emerging at some DAT firms, others still command premiums. Strategy (MSTR), the sector’s largest BTC holder, reports ~640,250 BTC outstanding and trades at one of the higher mNAV multiples (company figure cited at ~1.48x). Despite that premium, its equity has underperformed bitcoin YTD.
Below-parity peers: KindlyMD (NAKA)
KindlyMD (NAKA) also screens below 1.0x mNAV (around 0.959x per company materials/trackers). The firm’s evolving treasury posture follows a 2025 merger path with Nakamoto Holdings; recent trackers note ~5,765 BTC (~$646m) referenced at current market prices.
Why discounts appear
A mix of factors can pressure mNAV.
Volatility in BTC/USD relative to equity issuance and debt costs.
Dilution risk from capital programs used to fund BTC purchases.
Operating outlook and clarity of non-crypto revenues/profits.
Methodology differences in mNAV (e.g., inclusion of debt, preferreds, convertibles).
Sector commentary this month suggested ~15% of DAT names now trade below 1.0x mNAV, underscoring widening dispersion as bitcoin consolidates.
Methodology matters: “mNAV” vs. NAV
Metaplanet’s mNAV accounts for enterprise value (EV), including total debt; Strategy’s multiple often references EV with preferreds/convertibles, which can lift the premium. Consistent apples-to-apples comparisons require using each issuer’s stated approach.
Context & Analysis
The slide below parity suggests investors are discounting either execution/financing risk or assuming lower steady-state BTC prices relative to share issuance and debt. Meanwhile, premium names like Strategy reflect perceived balance-sheet optionality, liquidity, and a track record of capital access despite occasional equity underperformance versus bitcoin.
Conclusion
Metaplanet’s slip to 0.99x mNAV underscores the growing divergence in how public markets are pricing companies with bitcoin-heavy treasuries. The move reflects mixed sentiment toward corporate crypto exposure, where balance sheet value and market perception are increasingly out of sync.
Investors will be watching closely for updated disclosures on Metaplanet’s bitcoin holdings, capital allocation plans, and any revisions to its mNAV calculation. These factors could determine whether the current discount narrows or deepens, offering insights into how traditional markets are adjusting to the evolving role of digital assets in corporate finance.
FAQs
Q : What does it mean that Metaplanet trades below 1x mNAV?
A : It suggests the market values the company at a slight discount to its crypto treasury (and included assets) under its mNAV definition.
Q : Why might a bitcoin treasury company trade at a discount?
A : Financing/dilution risk, methodology differences, operating outlook, or broader risk sentiment can all weigh on mNAV multiples.
Q : How many bitcoin does Metaplanet hold now?
A : Recent disclosures point to ~30,823 BTC following early-October purchases.
Q : Is Strategy (MSTR) still at a premium?
A : Yes. Recent figures indicate a ~1.48x mNAV with holdings around 640,250 BTC.
Q : Does KindlyMD (NAKA) also trade below parity?
A : Company/treasury trackers indicate ~0.959x mNAV alongside a growing BTC treasury following its 2025 merger path.
Q : What’s the difference between mNAV and NAV?
A : mNAV typically uses enterprise value and the company’s methodology (including debt/preferreds); NAV may not. Always check issuer definitions.
Q : How do I calculate an mNAV-style multiple?
A : See the step-by-step How To section above.
Facts
Event
Metaplanet falls to 0.99x mNAV as shares close at ¥482Date/Time:
2025-10-14T15:28:00+05:00Entities
Metaplanet Inc. (TSE:3350); KindlyMD (NAKA); Strategy (MicroStrategy, Nasdaq: MSTR)Figures
Metaplanet 30,823 BTC (~$3.3–$3.5bn); Strategy ~640,250 BTC; KindlyMD ~5,765 BTC; Metaplanet debt included in mNAV: ~$24.68mQuotes
“Metaplanet’s mNAV stands at 0.99x.” Company/market update pages (paraphrase of disclosed metric) CoinDeskSources
CoinDesk report; Yahoo Finance/press items; treasury trackers.